Miami authorities to form task force to integrate into the cryptocurrency industry

Miami Mayor Francis Suárez announced the creation of a team to develop a plan for more active city involvement in the cryptocurrency industry, Decrypt reports.

Earlier, the official did not rule out that authorities will transfer 1% of reserves of the city budget into Bitcoin. Miami will also begin work on adopting a digital asset as a form of payment.

On January 22, Suárez met with representatives of the Cryptex Finance project to discuss ways to use Ethereum in the city’s cryptocurrency strategy. According to him, a new team will study such questions.

“We probably won’t hold Bitcoin or any digital assets. We may turn to a third party,” Suárez noted.

The mayor also stated that the digital money revolution is in full swing. Bitcoin could become an alternative to fiat currencies tied to state policy, he added.

In December 2020, Suárez said he planned to reorient Miami toward the cryptocurrency industry.

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